The company intends to use the funds to support product development and sales, R&D into next-generation materials and manufacturing techniques, and hiring engineers, materials scientists and a sales and business development person.

Led by CEO and founder Natalya Brikner, Accion develops advanced electric propulsion systems that provide critical capabilities for small satellites. Over the past year, The company started taking pre-orders for their first product that is in development and will launch later in 2015.